Loans

• APR – 7.95% – 35.99%
• Minimum Credit Score – 640
• Loan Amounts Available – $2,000 – $40,000
• Origination Fee – 2.4% – 5%
• Secured Loans – No
• Unsecured Loans – Yes
• Hard Credit Check – No

Unique Selling Point:
With loans as low as $2,000, Prosper may appeal to those on a lower income, or those who need a smaller, shorter-term personal loan than other lenders provide.

Who is this app for:
If you are currently have regular income and you’re looking for a personal loan for things like home improvements, debt consolidation or a new car, Prosper may be for you. Unlike traditional lenders, Prosper is a lending marketplace, where your loan is financed by individual investors. Prosper focuses on 3 and 5 year fixed rate loans, with one consistent monthly payment. This avoids uncertainty, and will appeal to those who want a simple repayment plan where they know in advance exactly how much they owe each month, and how long they owe it for.

Bonus points:
–  Prosper also offers a Home Equity Line of Credit (HELOC), which is a line of credit you can access by leveraging the equity in your home. Because it is secured by your house, you may be able to access more money at a lower interest rate with a HELOC than with a credit card or personal loan.
– Prosper allows you to apply with a co-borrower which may improve your chances of getting a loan or lower your loan’s APR.

Fintech Pros :
– None

Fintech Cons:
– Prosper does not currently offer a mobile app.

• APR – 9.95% – 35.99%
• Minimum Credit Score – 580
• Loan Amounts Available – $2,000 – $35,000 (Unsecured) $5,000 – $25,000 (Secured)
• Origination Fee – Up to 4.75%
• Secured Loans – Yes
• Unsecured Loans – Yes
• Minimum Credit Score – Yes
• Hard Credit Check – No
• Fund Availability – Next Business Day 

Unique Selling Point:
With eligibility for Avant loans starting at a credit score of just 580, Avant offers a fully-digital personal loan option for those that are rebuilding their credit or are earlier in their credit journey.

Who is this app for:
If you are a middle-income borrower that needs help with things like high-interest debt, home improvements, or unexpected expenses, Avant may be a good choice for you. You apply entirely online or through the app and funds are deposited as soon as the next business day after approval. With the Avant app, you can easily manage your loan, with features such as the ability to view your upcoming payments and payment history, make additional payments, and view your payoff quote

Bonus points:
– With no prepayment fees, you can pay off your loan early without any penalties.

Fintech Pros :
– With the Avant app, you can make payments and adjust payment dates as well as viewing your payment history.

Fintech Cons:
– None

• APR – 1.05% + (Variable) 3.49% (Fixed)
• Minimum Credit Score – 650 (Without Co-signer)
• Loan Amounts Available – $5,000 – $500,000
• Origination Fee – None
• Secured Loans – No
• Unsecured Loans – Yes
• Hard Credit Check – No

Unique Selling Point:
Earnest stands out from other student loan providers in terms of the diversity and flexibility of it’s repayment plans. With Earnest, you can choose increase your repayments at any time without penalty in order to pay off your loan quicker, you can request to skip one payment every 12 months to help with emergencies, and you can choose between making payments biweekly or monthly.

Who is this app for:
If you’re looking for a private student loan for your undergraduate or postgraduate degree or if you currently have regular income and you’re looking to refinance your student loans, then Earnest may be for you. Earnest allows students who are looking to finance their undergraduate or postgraduate degrees, law school, medical school or business school from Title IV-accredited schools. Alternatively, if you have graduated from a Title IV-accredited school, and you have sufficient credit history, you can qualify to refinance your existing student loans up to $500,000.

Instead of just looking at your credit score, Earnest uses it’s own data and algorithms to build a more holistic profile of each applicant by looking at education, employment, finances, and earning potential. This may result in better rates for students who don’t have a particularly strong credit history, but may be in a strong financial position otherwise.

Bonus points:
–  Earnest offers 9 month grace period after finishing your degree before beginning repayments.
– Earnest allows applicants to apply for a loan with a cosigner, increasing the chances of approval.

Fintech Pros :
– None.

Fintech Cons:
– Earnest does not currently offer a mobile app.

• APR – 2.97% – 6.04%
• Minimum Credit Score – 660
• Loan Amounts Available – $5,000 – $500,000
• Origination Fee – None
• Secured Loans – No
• Unsecured Loans – Yes
• Hard Credit Check – No

Unique Selling Point:
CommonBond offers a 10 year hybrid loan – a combination of fixed and variable rates over time. The first 5 years are at a fixed rate, while the last 5 are variable. The APR offered is lower than a standard fixed rate loan, and may be of interest to those who want initial stability or those who will be able to pay the loan off early.

Who is this app for:
If you are currently in full-time employment and you’re looking to refinance your student loans, CommonBond may be for you. If you have graduated from a Title IV-accredited school within CommonBond’s network, and you have sufficient credit history, you can qualify to refinance your student loans up to $500,000. While a co-signer is required to sign up, after 36 consecutive on-time payments, you can apply to release your co-signer from your loan.

Bonus points:
–  If eligible for CommonBond’s forbearance program, you can postpone payments for up to 24 months over the length of your loan. This may be useful for this with a volatile/seasonal income or for those worried about unexpected emergencies.
– With their partnership with the charity Pencils of Promise, CommonBond helps to provide schools, teachers, and technology to thousands of young students in the developing world.

Fintech Pros :
– None

Fintech Cons:
– None

• APR – 5.99% – 18.83%
• Minimum Credit Score – 680
• Loan Amounts Available – $5,000 – $100,000
• Terms – 2 – 7 years
• Origination Fee – None
• Secured Loans – No
• Unsecured Loans – Yes
• Minimum Credit Score – Yes
• Hard Credit Check – No
• Fund Availability – Approximately 7 days

Unique Selling Point:
With SoFi Unemployment Protection, if you lose your job through no fault of your own, you may apply to suspend your monthly loan payments for up to 12 months. SoFi can also provide job placement assistance during your forbearance period.

Who is this app for:
If you’re someone who has good credit or a high income with low expenditure , SoFi’s personal loans may be for you. Offering low rates, no fees and flexible payments, SoFi is a solid choice with a company that is already an established name in the fintech world. For those who are already SoFi customers, SoFi’s personal loans integrate seamlessly with your existing account, allowing you to manage all of your spending, loans and investments in one place. Founded in 2011 SoFi has quickly become one of the biggest consumer finance companies in the US, with millions of Americans choosing SoFi for all of their financial needs.

Bonus points:
– With SoFi’s wide range of financial products, SoFi customers can manage their investments, retirement accounts, spending, loans, credit score and more all in one place.
– SoFi members get access to exclusive benefits such as career coaching, financial planning and exclusive experiences.

Fintech Pros :
– With the SoFi app, you can manage your loans alongside your SoFi cash management, credit card, insurance, investments and credit score.

Fintech Cons:
– None